Faith Popcorn wrote a book entitled Eveolution, The Eight Truths of Marketing to Women. In this book, she discussed how the marketplace was not doing a very good job of dealing with the issues and needs that concerned women and how it was missing a great opportunity.
How do the Eight Truths apply to a financial services practice and how can they help you better serve your female clients and family members? When a client dies, there is a shift toward the beneficiaries of the estate. In the majority of situations, the primary beneficiary is female. Will you be the lead trusted advisor; will the family continue to work with you? How well do you know the female spouse and the other members of the family? What are you leaving to chance?
Here are three more of the Eight Truths and how you can apply them to your practice and build a service model that addresses the needs of families. We will cover the rest of the Truths in the next blog.
- If She Has to Ask, It’s Too Late
Women don’t always tell you what they want and men don’t tune into what women want. The idea is to create products and services that women may not even know they need yet. Statistically, 96% of female customers never complain; they just never go back. Another quote from Faith Popcorn: “We’re talking about anticipatory marketing…women control 85% of all household spending…it is time to get serious about anticipating what women want.”
Have you seriously thought about how you could do a better job for your clients? Maybe the best thing to do is just ask them. Like you, your clients are busy. How many times have you avoided completing a customer survey because you just didn’t want to take the time to help? Your clients are no different. Continually ask your clients how you are doing; get some honest feedback so you can improve. How good could you be, if you just asked for more help from your clients?
As John Lennon said: “life is what happens to you while you are making other plans.” Refine your role as an advisor; success comes through helping others. Help your clients prioritize the things that continually fall to a lower position on the To-Do List. Without your focus, assistance and reminders, many important tasks will be left to chance. It’s not that people do things wrong; it’s that they don’t do anything and that is what’s wrong.
- Market to Her Peripheral Vision, and She Will See You in a Whole New Light
“Women see more than just the forest; they see the trees, the underbrush and the twigs underfoot.” Women are not as impulsive as men.
How professional is your office, your staff and your attire? Women will pay more attention than men to the facility, the people, the amenities and the overall atmosphere around you. They will notice the little things that men overlook. Your office does not have to be fancy and expensive; it just needs to meet the needs of your female audience.
- Walk, Run, Go For Her, Secure Her Loyalty Forever
Make it easy for women to get things done; use technology as much as possible, minimize travel and provide them with online resources. Your client meetings do not have to be face to face, some of them can be handled over the phone or by using newer tools such as Skype, Join Me or Zoom. You may also consider putting together webinars for your women clients. Do you generally just meet with the male spouse? Do you leave it up to the male to share information with his spouse? Wouldn’t it make more sense to involve the women directly?
Provide your female clients and spouses with online links to information in real time. Work with them, point them to material that will help them keep current and expose them to some of the good ideas that others are using.
In Part 3 we will cover the remaining truths about Marketing to Women.
Give me a shout and let’s talk about how to make your practice more female friendly.
The Beneficiary Book is available as a downloadable PDF file and can easily be stored in the cloud or on a flash drive. The cost is only 19.95 per copy. You can go to:
http://new.beneficiarybook.com/learn-about-the-book-sections/?aff=6 and purchase your copy.
If you would like to make The Beneficiary Book available to your clients, we can set up a special program to allow your clients to purchase copies at a discount.
Faith Popcorn and Lys Marigold: 2000; Eveolution, The Eight Truths About Marketing to Women, Hyperion, New York. http://www.faithpopcorn.com
Stephanie Holland, Founder and author of Sheconomy®
Kathleen Burns Kingsbury; Author of How to Give Financial Advice to Women, Attracting and Retaining High-Net-Worth Female clients; http://www.kbkwealthconnection.com/